India’s family office landscape is rapidly evolving, with the number of active family offices surging from just 45 in 2018 to more than 300 in 2024, according to The Indian Family Office Playbook by EY and Julius Baer.
While wealth preservation remains a core goal for about a quarter of these offices, the majority are now pursuing global diversification and exploring alternative asset classes. Despite this shift, 57% still allocate less than 10% of their portfolios to private equity or venture capital—largely due to conservative outlooks or challenges accessing quality opportunities.
“The family office model in India is maturing. Families are no longer content with preservation alone—they want better structure, global reach, and more transparency,” said Surabhi Marwah, Co-leader at EY India. She noted that complex tax regimes and cross-border compliance are becoming key factors in how Indian family offices operate and plan.
Outbound capital flows are on the rise, fuelled by the Liberalised Remittance Scheme (LRS). Remittances jumped from $18.8 billion in 2019–20 to $31.7 billion in 2023–24. These funds are increasingly being directed into global equities, private credit, and real estate, with private credit gaining popularity for its relatively stable returns and risk-adjusted performance.
On the governance front, progress is visible:
- 59% of families have adopted wills or constitutions
- 19% have established formal entities such as trusts or LLPs
However, many still lack robust succession plans, leaving gaps in long-term continuity.
Regulatory uncertainty continues to be a challenge, with 48% citing concerns about tax policy changes and 37% pointing to cross-border compliance issues.
To navigate this complexity, the report advises Indian family offices to:
- Strengthen succession and governance frameworks
- Broaden exposure to growth-stage funds and private credit
- Embrace digital platforms for investment monitoring and decision-making
- Explore regulatory-friendly hubs like GIFT City for improved tax outcomes
According to Umang Papneja, CEO of Julius Baer India, the shift is also generational. “Many of today’s family offices are run by first-generation entrepreneurs who are more comfortable with risk and emerging sectors. This is driving a move towards structured, tech-enabled models focused on value creation and legacy planning.”
As Indian wealth becomes more global and complex, hybrid family office models—which combine in-house capabilities with external expertise—are becoming the structure of choice for balancing agility, control, and impact.
